HI,
Yes , if you clear GATE in Mechanical with good marks and rank, you will be recruited for PSU jobs. There are few companies which are exceptional like BPCL and HPCL , who have restrictions on the degree and the course, where they take in only B.Tech/B.E degree holders for PSU jobs and Not Dual degree holder. Other than a handful of companies, most of them do recruit people who have completed their B.Tech, M.tech or Dual degree for PSU Jobs, Provided you should have been completed before the joining date.
Hope it helps,
Good Luck. :)
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